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Intro to Business Chapter 1
N/A
42
Business
Undergraduate 1
09/24/2013

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Term
Define Business
Definition
Any activity that seeks to provide goods and services to others while operating at a profit
Term
Define Goods
Definition
Tangible products such as computers, food, clothing, cars and appliances.
Term
Define Services
Definition
Intangile products (i.e., products that cant be held in your hand) such as education, health care, insurance, recreation and travel and tourism.
Term
Define enterpreneur
Definition
A person who risks time and money to start and manage a business.
Term
Define Revenue
Definition
The total amount of money a business takes in during a given period by selling goods and services.
Term
Define profit
Definition
The amount of money a business earns above and beyond what it spends for salaries and other expenses
Term
Define loss
Definition
When a business expenses are more than it revenues.
Term
How can businesses raise the standard of living
Definition
Businesses and employees pay taxes that the federal government and the local community use for: hospitals, schools, libraries, playgrounds, roads, fire protection, police protection, support for people in need.
Term
Define risk
Definition
The chance an enterpreneur takes of losing time and money on a business that may not prove profitable.
Term
Define Standard of living
Definition
the amount of goods and services peope can buy with the money they have.
Term
Define quality of life
Definition
The general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
Term
Define Stakeholders
Definition
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the businesses needs to address
Term
Who are stakeholders?
Definition
Customers, employees, stockholders, suppliers, dealers, community members, media, elected officials, bankers, enviromentalists.
Term
Define outsorcing
Definition
Contracting with other companies (often in other countries) to do some of the firm's functions, like production or accounting.
Term
Define insourcing
Definition
Foreign companies opening offices and factories in the United States. For example south korean Hundai operates design headquarters in Detroit
Term
Define non-profit organization
Definition
An organization whose goals so not include making a personal profit for its owners or organizers. Ex. Muhamad Yunus won a Nobel Prize for starting Grameen Bank, which lends loans to people who want to start a business but are too poor to do so.
Term
What is the difference between Revenue and Profit?
Definition
Revenue is all the income a business receives, while profit is the amount of gain beyond the amount needed for costs.
Term
What is the difference between standard of living and quality of living?
Definition
The standard of living is the amount of goods or services individuals can buy, whereas the quality of life also involves political freedom, education and other sectors that benefit society.
Term
What's Risk? How is it related to profit?
Definition
Risk is the chance an enterpreneur looses time and money in a business that wont be profitable. The greater the risk before starting a business, the greater the profit can be.
Term
What are the advantages and disadantages of enterpreneurship
Definition
Advantages: freedom to succeed, make your own decisions, high possibility of wealth, hire your own staff. Disadvantages: freedom to fail, no paid vacations, no health insurance, no daycare.
Term
Define factors of production
Definition
The resources used to create wealth: land, labor, capital, enterpreneurship, knowledge Knowledge seems to be the most important one for the creation of wealth..
Term
Define business environment and mention the five elements.
Definition
The surrounding factors that either help or hinder the development of businesses. The five facotrs are: the economic and legal environment, the technological environment, the competitive environment, the social environment, the global business environment..
Term
Mention the government's role in business.
Definition
1. Minimizing spending and keeping taxes and regulations to a minimum. 2-Allowing private ownership of businesses. 3- Minimizing interference with the free exchange of goods and services. 4. Passing laws that enable businesspeople to write enforceable contracts. 5-Establishing a currency thats tradable in world markets. 6- Minimizing corruption
Term
Countries most and least corrupt in the world
Definition
Least Corrupt: Denmark, New Zealand, Singapore, Finland, Sweden. Most corrupt: Somalia, Myanmar, Afghanistan, Iraq and Uzbekistan.
Term
Define Technology
Definition
Everything from phones to copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more effective, efficient and productive.
Term
Define effectiveness and efficiency
Definition
Effectiveness- Producing the desired result. Efficiency- producing goods and services using the least amount of resources.
Term
Define productivity
Definition
The amount of output you generate given the amount of input.
Term
Example of social media in business
Definition
JCPENNEY used Twitter and Facebook into their spring ad campaign to target 18-35 year olds.
Term
Define E-commerce
Definition
The buying and selling of books on the internet. There are two types, Business to Consumer (B2C) and Business to Business (B2B)
Term
Define database
Definition
An electronic storage file for information.
Term
Define Identitiy theft
Definition
The obtaining of individuals' personal info, such as Social Security and credit card numbers, for illegal purposes.
Term
The competitive environment: Define empowerment
Definition
Giving frontline workers the responsibility, authority and freedom to respond quickly to customer requests. This is done due to the fact that today customer wants excellent customer service.
Term
The Social Environment: Define Demography
Definition
The statistical study of the population in terms of size, density and characteristics like age, race, gender and income.
Term
What are some of the changes in the US' population regarding diversity.
Definition
Diversity has grown from just recruiting minority and female workers. Population shifts are creating opportunities for some and limiting others. Growth of single-parent household have encouraged businesses to implement programs such as familyleave and flextime.
Term
Mention the important changes in Global Environment
Definition
1- Growth of global competition. 2- Increase of free trade among nations3- Development of efficient distribution systems. 4- Advanced in communication systems.
Term
Mention the increasing costs of the global environment of wars and terrorism
Definition
Wars like those in Iraw cost billions of dollars. This causes tax money to be diverted. Cost of security goes up, as well as the cost of insurance.
Term
Define climate change and greening
Definition
Climate change- Movement of the temperature of the planet up or down over time. Greening- Trend towards saving energy and producing products that cause less harm to the environment.
Term
What are the four eras in the evolution of business
Definition
Agriculture Era --> Manufacturing era --> Service Era --> Information-Based Era.
Term
Describe the Agricultural Era in the US
Definition
In the 1800s, the agricultural industry led the economic developmen. Technology, like the harvester and cotton gin, changed the farming industry making it more efficient. This led to fewer farmers with larger farms.
Term
Describe the Manufacturing Era
Definition
Industrialization in the 19th and 20th centuries moved jobs from farms to factories. As technology improved productivity, fewer workers were needed in factories.
Term
Describe the Service Era
Definition
Makes up about 70% of the U.S. economy. Since the mid 1980s, the service industry generated almost all the increases in employment. More high-paying jobs in service industries.
Term
What is the future for college graduates?
Definition
The service era is closing while there is an information-based global revolution.
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